CRM: What Does CRM Stand For?

CRM

What Does CRM Stand For?

By Gary Wright November 20, 2018 • 3 minutes to read

In 3 words, CRM stands for Customer Relationship Management.

As a more comprehensive take on CRM, it’s a system and strategy in place to manage both current and potential client interactions in a way that optimises value for your business.

What does CRM Stand For in Business?

For business, powerful CRM is much more than a system, it’s a powerful philosophy about gaining and retaining customers & clients more efficiently. CRM stands for optimising the lead nurturing process by understanding who your buyers are and their position in the sales funnel. When understood and used correctly, CRM helps client-facing business people nurture deeper relationships and create more loyal customers.

What Does CRM Stand For in Your Business?

In light of creating more loyal customers, your company should have a clearly defined method of nurturing them - from approaching customers and acquiring their contact details to follow-ups and getting sign-off. When applying CRM thinking to your business, remember that at its core, CRM is about organising internal communication processes around customers and clients.

What makes yours click, tick and roundhouse kick?

Well, developing a culture centred around the customer, while utilising sophisticated CRM software to support it, will help you figure that out. Dynamically and continuously.

What Do CRM Platforms Give My Business?

Efficiency. Like a kind of framework for your business's hivemind, leading CRM platforms centre around the idea that a unifying, integrated and data-rich foundation of communication drastically improves your profitability now and in the long-term. Leading CRM platforms allow you to create customer personas used in segmentation and this data becomes invaluable to sales and marketing departments.

A good CRM tool allows anyone (who’s granted access) to track individual clients’ progress through the funnel, compile and store customer data, track communications, and most importantly, help you execute data-driven strategies for improvement.

Through transparency and data-capture, CRM platforms bring employees from different departments together for the sake of their common goal and make it easier for individuals to understand how to show care, create relationships, satisfy needs and serve. That’s what it’s all about.

Choosing a CRM

As far as your choice of platform is concerned, the array of decent options available is expanding and the barriers to entry are at an all-time low. Meaning that the best CRM will depend on your business model.

At MO Agency, we use HubSpot CRM. It’s reputable, has a free version, and because of its user-friendly integrations, we have a much better idea about what our next course of action should be with particular prospects and clients.

So, what does CRM mean for you and your business? And how much room for improvement is there?

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